Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
NZD/JPY turned down
Information is not investment advice
NZD/USD has turned down on July 22 and retraced more than 38.2% of the June-July advance. A “bearish engulfing” pattern was formed on W1. This likely means that the overall downtrend has resumed. The pair has support at 71.75 (50% Fibo, 50-day MA). A decline below this level will open the way down to 71.40 (61.8% Fibo) and 70.90 (78.6% Fibo).
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
U.S. stocks are seen opening mixed Thursday, pausing around record highs as investors await more fresh news on Covid-19 vaccines and potential fiscal stimulus.
A tentative mood was seen in Asia-Pacific bourses following the flat performance on Wall Street, whilst Chinese Caixin Services PMI printed its second-highest reading in a decade.
EUR/AUD rose to 1…